ORIX (IX) said Wednesday that it has begun construction of two power grid energy storage plants in Japan through a joint investment with three external investors, including a unit of Mitsubishi UFJ Trust and Banking Corporation.

ORIX said the Yufu Energy Storage Plant in Oita is scheduled to begin operations in 2028 with a rated output of 70 megawatts and a rated capacity of 280 megawatt-hours.

The Yonezawa Energy Storage Plant is scheduled to begin operations in 2030 with a rated output of 75 megawatts and a rated capacity of 309 megawatt-hours, it said.

ORIX said it will hold asset management responsibilities, while ORIX Renewable Energy Management will handle safety management during construction, as well as operation and maintenance work after it begins.

ORIX holds a 23.7% stake in the project, while the three external investors collectively own 76.3%, according to the company.

Shares of the company were down 1.7% in Wednesday's premarket activity.